Ah, the American Dream. Go to college, work hard, graduate, get a good job, career and then you'll be set for life with high earnings, enough money to buy a home, raise a family and retire comfortably.

Oops, rewind, this isn't the Ozzie and Harriet show, it's real life. Did you know student debt is one of the few debts one cannot declare bankruptcy on, no matter what? That literally you have to be in a pine box, or close to it, to have your debt forgiven? That 53.6% of those under the age of 25 with a four year college degree or better cannot find a job?

Student loan debt is now the next great bubble, threatening the U.S. economy as the mortgage crisis did. The NACBA released a study and calls student loan debt the next financial crisis, on the level of the mortgage crisis.

College seniors who graduated with student loans in 2010 owed an average of $25,250, up five percent from the previous year. Borrowing has grown far more quickly for those in the 35-49 age group, with school debt burden increasing by a staggering 47 percent.

Students are not alone in borrowing at record rates, so too are their parents. Loans to parents for the college education of children have jumped 75 percent since the 2005-2006 academic year. Parents have an average of $34,000 in student loans and that figure rises to about $50,000 over a standard 10-year loan repayment period. An estimated 17 percent of parents whose children graduated in 2010 took out loans, up from 5.6 percent in 1992-1993.

Of the Class of 2005 borrowers who began repayments the year they graduated, one analysis found 25 percent became delinquent at some point and 15 percent defaulted. The Chronicle of Education puts the default rate on government loans at 20 percent.

Re: The Student Loan Debt time bomb is now ready to explode on unemployed students and their parents, too!

the goverment needs to seize all the student loans and flat rate them at 1 % interest with 20 year pay offs. then hang all those involved on foisting them off on foolish children , baste them with honey and pour fire ants on them. a 55 gallon saline drip will ensure they live a good long time in agony befitting their crimes.

Re: The Student Loan Debt time bomb is now ready to explode on unemployed students and their parents, too!

I read that half of all 25 to 34 year olds are living below the federal poverty line, something like 11,000 a year. How are you supposed to market anything to that demographic if that's the case?

Also they say 80% of all new college graduates are moving back home with their parents? Can you imagine? When I graduated I don't think anyone did - it wouldn't have crossed their mind. Everything changed completely in such a short period of time, just a couple of brief decades.

Re: The Student Loan Debt time bomb is now ready to explode on unemployed students and their parents, too!

I'm happy for them. They partied in college for at least four years, racking up $100K in student loans for that big ART HISTORY or WOMEN'S STUDIES degree.... FUCK THEM!

Quoting: Anonymous Coward 20833598

What a bunch of BS. There are many students who do not party 24/7 (although they should be allowed to let their hair down once or twice a week if it doesn't interfere with studies). Many are also in very tough majors - and not all colleges are a walk in the park. With a couple of kids in engineeing, I can tell you their curriculum is much more difficult than what was required of my husband and myself back in 1980.

I think you should look at it as tiered schools - the best schools and the best degrees and you are OK. But, if you have a junk major, especially at a junk school, you are toast.